Title Services

Owners Coverage

Owner's title insurance, also known as owner's coverage, is a type of insurance policy that protects real estate owners from financial loss due to defects in the title of the property.
When you buy a home, you expect to be the rightful owner of the property. However, there can be hidden issues with the title, such as errors or undisclosed liens, which may jeopardize your ownership rights. Owner's title insurance helps protect against these risks by providing coverage for:

Title Defects: This includes errors or omissions in deeds, mistakes in public records, undisclosed heirs claiming ownership, or fraud in the title transfer process.
Liens and Encumbrances: These are claims against the property, such as unpaid taxes, mortgages, or judgments, which could affect your ownership rights.
Legal Costs: Owner's title insurance typically covers legal fees and expenses associated with defending your title against covered claims.
Marketability of Title: If a covered defect arises, owner's title insurance can provide financial compensation for loss of marketable title, which could affect your ability to sell the property in the future.

It's important to note that owner's title insurance is typically purchased as a one-time premium during the real estate transaction, usually at the time of closing. The coverage lasts for as long as you or your heirs own the property. While it's not mandatory, it's highly recommended as it provides valuable protection against unforeseen title issues that could arise after the purchase of the property.

Lender or Morgage Protection

Lender's title insurance, also known as mortgagee's title insurance or lender's coverage, is a type of insurance policy that protects the lender's investment in a mortgage loan by ensuring that the property's title is clear of any defects or issues that could jeopardize the lender's security interest in the property. When a borrower takes out a mortgage loan to purchase real estate, the lender typically requires lender's title insurance as a condition of the loan. This policy protects the lender against financial loss if there are any defects in the title that were not discovered during the title search and examination process. Lender's title insurance typically covers:

Title Defects: This includes errors or omissions in deeds, mistakes in public records, undisclosed liens, or other issues that could affect the lender's priority lien position or ability to foreclose on the property.
Invalid or Forged Documents: Protection against documents that are invalid or forged, which could potentially cloud the lender's title.
Priority of Liens: Ensuring that the lender's lien has priority over other claims against the property.
Legal Costs: Coverage for legal fees and expenses associated with defending the lender's title against covered claims.

Lender's title insurance is typically paid for by the borrower as part of the closing costs associated with obtaining a mortgage loan. It's important to note that while lender's title insurance protects the lender's interest in the property, it does not protect the borrower's interest. For this reason, borrowers are often encouraged to purchase their own owner's title insurance policy to protect their investment in the property.

What does title insurance cover?
- Title insurance typically covers risks such as title defects, forgery, fraud, undisclosed heirs, missing or incorrect legal documents, errors in public records, outstanding liens, invalid deeds, encroachments, zoning violations, and invalidity of foreclosure proceedings. It protects property owners and lenders from financial losses related to these issues, ensuring clear and marketable title.
How much does title insurance usually cost?
- The cost of title insurance varies based on factors like the property's purchase price, location, and the insurance provider. On average, it's typically between 0.5% to 1% of the property's purchase price.
What is the process of obtaining title insurance?

Obtaining title insurance through Phillips-Hansen is a straightforward process. Once you select us as your title company, we conduct a thorough title search, resolve any issues, and guide you through the closing process. You'll receive your title insurance policy to protect your property rights. Trust Phillips-Hansen for efficient and reliable title insurance services.

Hours of Operation:

Title Services

There are Two Types of Title Insurance We Provide:

Owners Coverage

Lender or Morgage Protection

Title service FAQ